Four men have been detained by police as part of an investigation into the 2011 takeover of Rangers.
The men were detained on Friday morning by Scots police working with officers from three English forces.
Police Scotland said the four are being held as part of a probe into the "alleged fraudulent acquisition" of the Glasgow club.
The operation took place at a number of addresses in England and involved officers from the Thames Valley, Cheshire and Surrey forces.
A Police Scotland spokesman said: "Following a Police Scotland operation on Friday November 14, four men have been detained as a result of the ongoing investigation into the alleged fraudulent acquisition of Rangers Football Club.
"At around 6am, officers from Police Scotland, assisted by officers from Thames Valley, Cheshire Police and Surrey Police, attended a number of addresses in England and detained four men."
Rangers manager Ally McCoist said: "Obviously I can't or wouldn't comment on a current police matter, but I would have to say I'm shocked.
"Obviously I can't pre-judge what is going to happen.
"Our concern has always been for the staff and supporters. What's happened to us in the last two and a half, three years has been very tough, particularly on the staff and supporters.
"We just want to continue with out attempts to get the club back to where we feel we belong."